Coinlive Morning Post - August 2

headlines

▌Bitcoin miners’ income was US$555 million in July, down 16.7% month-on-month

According to TheBlock data, Bitcoin miners generated $555 million in revenue in July this year, a 16.7% decrease from the previous month, while Bitcoin miners earned $668 million in June this year. The data shows that the difficulty of Bitcoin mining decreased in July, reaching 27.693T on July 31, compared to 29.57T in early July.

policy

▌The central bank of Honduras warns of the risks of using cryptocurrencies

The Central Bank of Honduras has issued a press release aimed at clarifying the institution’s stance on the use of cryptocurrencies in the country. Even if such tools gain popularity in other countries, cryptocurrencies are not backed by any form and are also subject to high volatility, the group said. "Any transaction with them will be at the responsibility and risk of the person who executes the transaction." The group also informed that, under the country's laws, the only institution authorized to issue currency and guarantee the existence of an effective payment system is the Central Bank of Honduras. According to previous news, Honduras established a Bitcoin center to promote the use of Bitcoin.

cryptocurrency

▌Two California men were jailed for defrauding investors of $1.9 million by operating cryptocurrencies

Two Orange, California, men have been jailed for operating a cryptocurrency scam that defrauded more than 2,000 investors of $1.9 million, the U.S. Department of Justice announced Monday. Jeremy McAlpine, 26, and Zachary Matar, 29, founded Dropil Inc., an investment management services and trading company, in 2017. During the company's initial token offering in 2018, the duo encouraged investors to buy Dropil's native token, DROP, and It claims that by purchasing DROP, the company can use an automated trading robot called "Dex" to generate profits, which will be distributed every 15 days in the form of DROP tokens. McAlpine and Matar, who each pleaded guilty to securities fraud charges in August 2021, were sentenced by a judge on Monday to three years and two and a half years in prison, respectively.

▌Bank of America: Ethereum needs scalability improvements to maintain its market position

Bank of America said in a research note that the ethereum blockchain’s transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) appears imminent as it needs scalability improvements to maintain its market position. The bank stated that without scalability improvements, Ethereum is unlikely to continue as the main blockchain operating system, saying: “PoS reduces Ethereum’s energy consumption by more than 99%, lowering the stakes for investors as the network Barriers to entry for validators to generate revenue and change the supply and demand dynamics of ETH.” Analysts also pointed out that newer blockchains such as Binance Smart Chain (BSC), Tron, Avalanche and Solana have taken market share from Ethereum due to their PoS consensus mechanism, greater scalability and lower transaction fees . These functional advantages “may become key as decentralized applications emerge in the Web3 ecosystem,” the bank added.

important economic developments

▌Moody's: The Fed is expected to raise the federal funds rate to 3.50%-3.75% by the end of the year

Moody's, a well-known bond rating company, said that it is expected that the Fed will continue to raise interest rates in advance at several upcoming FOMC meetings. The rate was raised above 4.0%.

▌U.S. 30-year Treasury yield fell below 2.92% for the first time since April

Markets showed that the U.S. 30-year Treasury yield fell below 2.92% for the first time since April. The U.S. 20-year Treasury yield fell 10 basis points to 3.11%.